Korea

S.Korea Eyes Deregulation to Encourage Banking Competition

FSC to come up with deregulation plan by end-of year; wants more challengers to financial sector incumbents after approval of internet-only banks.

Korea Regulator Flags Weaknesses in Foreign Banks’ AML

Korean Banks Under Fire for ‘Excessive’ Fees

FSS figures show banks have made $57.6bn from fees since 2013; President Moon pledged to tackle issue of excessive fees but no action has been taken yet.

Korea Increases Efforts to Cut Back Consumer Debt

Second-tier lenders required to increase loan-loss provisions by 50%; maximum mortgage LTV/debt-income ratios cut to 60%/50%.

Korea Proposes to Make Agencies Liable for ‘Defective Ratings’

Korea Introduces Derivatives, Bond Omnibus Accounts

Move allows foreign investors to conduct multiple transactions through a single account with a global firm.

Bank of Korea, FSS to Inspect Bank Loan Books

S.Korea FSC Could Have Policymaking Powers Removed

Incoming President Moon Jae-in has argued FSC should be a regulator only.

S.Korea Regulator to Focus on ‘Ex-post’ Supervision

Governor tells foreign firms FSS will shift from ‘punitive and ex-ante supervision’ in 'the Age of VUCA'.

Korean Banks Told to Revise Credit Risk Models

Private equity funds will be allowed to take over bad debts, restructure mid-sized firms.